EURJPY Flag Pole ( RECTANGLE ) Setup

EURJPY currently @137.86. We are looking for a continuation to the extension of the Fib -0.27 @137.00-137.09. As you can see, the currency needs to break out of the rectangle. The ATR ( Average True Range ) for the pair is 45 pips.

If the currency breaks 137.65-60 area, we could see a chance of a short as follows: Entry @137.60 with a tight STOP of 137.85 and a potential target of 1.3720-1.3710 level.

On the bull side (or bounce expected) the closest target we see is a PAST UPTREND SUPPORT ( PSR ) @138.15 after the break of the rectangle. So, let’s wait for the direction and make a decision based on the price action.

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